Envestnet Asset Management Inc. Grows Position in Corning Incorporated (NYSE:GLW)

Envestnet Asset Management Inc. grew its stake in Corning Incorporated (NYSE:GLWGet Rating) by 77.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,083,940 shares of the electronics maker’s stock after purchasing an additional 1,342,976 shares during the period. Envestnet Asset Management Inc. owned approximately 0.36% of Corning worth $113,828,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Daiwa Securities Group Inc. increased its holdings in shares of Corning by 3.2% in the 1st quarter. Daiwa Securities Group Inc. now owns 49,023 shares of the electronics maker’s stock valued at $1,809,000 after acquiring an additional 1,504 shares during the period. Bailard Inc. lifted its holdings in shares of Corning by 46.5% in the 1st quarter. Bailard Inc. now owns 7,974 shares of the electronics maker’s stock valued at $294,000 after buying an additional 2,530 shares during the period. CWM LLC raised its holdings in Corning by 12.0% in the 1st quarter. CWM LLC now owns 14,770 shares of the electronics maker’s stock worth $545,000 after purchasing an additional 1,580 shares during the period. Everett Harris & Co. CA increased its stake in Corning by 8.7% during the 1st quarter. Everett Harris & Co. CA now owns 8,415 shares of the electronics maker’s stock worth $311,000 after buying an additional 675 shares in the last quarter. Finally, Synovus Financial Corp increased its stake in Corning by 6.7% during the 4th quarter. Synovus Financial Corp now owns 20,069 shares of the electronics maker’s stock worth $747,000 after buying an additional 1,265 shares in the last quarter. 68.71% of the stock is owned by institutional investors.

Corning Stock Up 2.9 %

Shares of NYSE:GLW opened at $35.95 on Thursday. The stock has a market cap of $30.36 billion, a price-to-earnings ratio of 28.76, a P/E/G ratio of 2.02 and a beta of 0.95. The company has a 50 day moving average of $33.46 and a 200-day moving average of $36.22. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.55 and a quick ratio of 1.04. Corning Incorporated has a one year low of $30.63 and a one year high of $43.47.

Corning (NYSE:GLWGet Rating) last announced its quarterly earnings results on Tuesday, July 26th. The electronics maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 13.05% and a return on equity of 21.56%. The firm had revenue of $3.76 billion for the quarter, compared to analyst estimates of $3.79 billion. During the same quarter in the previous year, the firm posted $0.53 earnings per share. The business’s revenue was up 7.4% on a year-over-year basis. On average, sell-side analysts forecast that Corning Incorporated will post 2.32 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, August 31st will be paid a $0.27 dividend. The ex-dividend date is Tuesday, August 30th. This represents a $1.08 annualized dividend and a dividend yield of 3.00%. Corning’s dividend payout ratio (DPR) is presently 86.40%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on GLW. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research report on Thursday, June 16th. UBS Group dropped their price objective on Corning to $40.00 and set an “outperform” rating on the stock in a report on Wednesday. JPMorgan Chase & Co. lowered their price target on Corning from $45.00 to $41.00 and set an “overweight” rating on the stock in a report on Thursday, July 14th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Corning from $44.00 to $39.00 in a research report on Wednesday. Finally, Citigroup downgraded Corning from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $46.00 to $37.00 in a research report on Monday, May 23rd. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.20.

Corning Company Profile

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Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.

Further Reading

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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